Defence Minister Rajnath Singh stated that India is growing at approximately 7.8 percent and contributing more than 16 percent to global economic growth. He made these remarks while addressing the Indian diaspora during a two-day official visit to Tajikistan for a Shanghai Cooperation Organisation meeting.
Economic Performance and Key Metrics
Singh detailed several financial and trade achievements reflecting the country’s macroeconomic standing. The current macroeconomic data shared during the address includes the following figures.
- India contributes more than 16% to global economic growth.
- The current account deficit declined to 0.61% in the previous financial year from over 4 percent 12-13 years ago.
- Foreign exchange reserves have crossed $700 billion.
- Defence production surged to Rs 1.80 lakh crore, with exports reaching a record Rs 38,424 crore.
- Start-ups grew to more than 2.5 lakh from a few hundred before 2014.
The minister explained that free trade agreements have been established with 38 countries to open new markets for domestic manufacturers. He noted that pending trade agreements with the United Kingdom and the European Union are expected to eliminate tariffs on 99 percent of Indian exports.
Governance Shifts and Inclusive Development
Addressing the change in administrative policy over the past decade, Singh stated that governance has moved from an era of policy paralysis to a reform express. He emphasized that approximately 25 crore people have been lifted out of poverty over the last decade through inclusive development initiatives.
The expansion of digital access has also supported grassroots innovation across the country. Affordable mobile data and wider connectivity enabled nearly half of all start-ups to originate from smaller cities and towns, while more than 45 percent have at least one woman director or partner.
Singh noted that these ongoing economic transformations and reform-driven governance aim to position India as a nation combining prosperity, knowledge, and strength.